Recently, the news is all about Refinancing your current mortages. This is especially appealing to those whose original mortgages were adjustable or higher than normal. Who wouldn't want to save money on their biggest asset and monthly bill? Remember the old adage, if it sounds too good to be true, then it probably is.

Bank of America is offering, Make Your Home More Affordable, Loans. There are two kinds; loan one is available if you have paid your mortgage late. This is the one where you get the best deal. Now let's say that you pay your bills each month on time, however, you really struggle because your income is not as high as it once was. It does not show that you are taking money from your savings, using credit cards and cashing in on C.D.'s and other assests just to make your monthly bills.

If you pay on time, then you are offered a refinance which should be retitled "Make Your Home More Unaffordable Loans." Once you get your new rate, your mortgage is now higher, you owe points and other crazy fees and are in more dire need than when you started. The fees can range from $2,000 and up. The average on a $300,000 home is a whopping $10, 000! Now tell me how is this making your home more affordable?

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